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diligence work, particularly on the legal side, in order to make it more affordable for smaller projects and sponsors. 5. Strengthen risk management Risk management needs strengthening in several areas in particular: (i) improve ex ante financial modeling; (ii) keep financial information current and readily accessible so project performance can be tracked over time; (iii) improve the risk rating system, providing information with intermediate gradations and more particulars about a project’s status and prospects; (iv) strengthen the analysis of each loan’s underlying security; (v) analyze and monitor latent portfolio risks such as rates, currencies, and oil prices with a view to keeping an adequate balance to control exposure; and (vi) strengthen the supervision area, which has a heavy workload. 6. Improve evaluability and communication Urgent measures are needed to improve evaluability, particularly for development effectiveness determinations. With a better evaluability framework could come more active communication, which is one area in need of particular attention for purposes of in-house and external actors alike. There is a pressing need, for instance, for an image refurbishment and better communication and management of expectations, and a spelling out of what the implicit “comfort” that comes with Bank involvement can and cannot do. But a first necessary step would be meaningful internal coordination improvements and a reduction of transaction costs, to satisfy direct clients (private parties) and the ultimate clients (countries).